* adds another half percentage point to stake
* now holds 2.54 percent
LONDON, Nov 11 Hedge fund billionaire John
Paulson raised his firm's stake in Cadbury CBRY.L on Wednesday
and now holds 2.54 percent of the British confectioner, the
subject of a hostile bid by U.S. food group Kraft KFT.N.
Paulson became the industry's highest-paid manager in 2007
by betting that U.S. house prices would fall. His firm Paulson &
Co now holds 34.9 million shares in Cadbury, a British
regulatory filing showed on Wednesday.
On Tuesday, Paulson doubled the stake in Cadbury to 2.08
percent, buying 14.8 million shares.
Kraft on Monday took its $16.2 billion offer straight to
shareholders, refusing to sweeten its bid price, and setting the
stage for a takeover battle that could take months.
At current values, Kraft's cash-and-share offer is worth 720
pence per Cadbury share, well below the British group's share
price of around 763 pence.
(Reporting by Douwe Miedema)